Many times it happens that we go to withdraw money from ATM machine but due to some reason the transaction fails. However, even after the failure of the transaction, the money is definitely deducted from the bank account. There is no need to worry in this situation. If you are deducting money from the account even after your transaction fails, then complain to the bank of which you are a customer. You can make this complaint by calling the customer care of the bank.
If the bank does not refund the amount debited from your account within the stipulated time, there is a provision of compensation. As per RBI rules, the bank has to resolve the complaint within 5 days. If the bank does not resolve within this period, then compensation has to be paid at the rate of Rs 100 per day. If you are still not satisfied then you can lodge a complaint at https://cms.rbi.org.in.
These RBI rules also apply to all authorized payment systems such as card to card fund transfer, PoS transactions, IMPS transactions, UPI transactions, cardless e-commerce and mobile app transactions.
While the amount of compensation is fixed, in many cases the settlement period on the part of the bank is also less. Be it card to card transfer or IMPS, these cases have to be settled by the next day of the complaint.
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